Section 14Sec./Art. 14

Board of Trustees. The corporate powers and functions of the Fund shall be vested in and exercised by the Board of Trustees appointed by the President of the Philippines, composed of the following:

(a) The Chairperson of the Housing and Urban Development and Coordinating Council, as the ex officio Chairman;

(b) The Secretary of the Department of Finance, as the ex officio Vice Chairman;

(c) The Secretary of the Department of Labor and Employment or his/her duly designated undersecretary, as ex officio member;

(d) The Secretary of the Department of Budget and Management or his/her duly designated undersecretary, as ex officio member;

(e) The Secretary of the Department of Trade and Industry, or his/her duly designated undersecretary, as ex officio member;

(f) The Chief Executive Officer of the Fund, as member; and

(g) Five (5) appointive members, two (2) representatives of private employees, two (2) representatives of private employers and one (1) representative of government employees.

The four (4) private sector representatives shall each be appointed by the President of the Philippines for a term of two (2) years: Provided, however, That of the first to be appointed, one (1) representative of the employers shall have a term of only one (1) year. The representative of the government employees shall be appointed by the President of the Philippines for a term of two (2) years.1aшphi1

The Chairman, Vice Chairman and members of the Board shall be entitled to a reasonable per diem for each meeting actually attended at such amounts as may be fixed by the Board in accordance with existing laws, rules and regulations.